Investor behaviour

VCs breaking their thesis

A focused fund's first cheque outside its own track record: a new sector, a new region, or an entry far earlier than usual. The thesis is what each fund's earlier first cheques show (15 or more, 80% inside the focus). Follow-ons never count. Each deal is checked against the round's sources, and a deal whose article lists other investors and not the fund is left out.
907
VCs broke their pattern since 2020
495
of them in 2025 and 2026
14%
of focused VCs investing in 2026 (283 of 2023)
884 / 1087 / 31
new sector / region / earlier stage
VCs breaking their pattern, per month
Jan 2020Oct 2026

843 breaks are rounds known only by their year. They count in the totals and the list, not in the monthly bars.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Feb 2023
    Kreaxi backed VEXIM at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 17 in Benelux & France, 2 in DACH.
  2. Feb 2023
    MAYA Capital backed Vaas at Seed
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in LATAM, 3 in North America.
    Source
  3. Feb 2023
    Praetura Ventures backed careloop at Seed
    New regionFirst deal in DACH. Before: 55 first cheques, 50 in UK & Ireland, 3 in North America.
    Source
  4. Jan 27, 2023
    Obvious Ventures backed Senken at Seed
    New regionFirst deal in APAC. Before: 30 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  5. 2023
    4DX Ventures backed Nesti at Seed
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in MEA, 1 in North America.
  6. 2023
    4DX Ventures backed Mophones at Seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 17 in MEA, 1 in North America.
  7. 2023
    9Yards Capital backed Dharma Labs at Seed
    New regionFirst deal in LATAM. Before: 49 first cheques, 40 in North America, 4 in APAC.
  8. 2023
    A15 backed Buguard at Seed
    New regionFirst deal in North America. Before: 15 first cheques, 14 in MEA, 1 in UK & Ireland.
    Source
  9. 2023
    AlphaEdison backed AI Foundation at Series B
    New regionFirst deal in MEA. Before: 17 first cheques, 16 in North America, 1 in DACH.
  10. 2023
    Alteria backed Chainstack at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in APAC, 2 in North America.
    Source
  11. 2023
    Anzu Partners backed Adrino at Series B
    New regionFirst deal in CEE. Before: 28 first cheques, 25 in North America, 2 in APAC.
  12. 2023
    Astella Investimentos backed Madglove Amsterdam B.V at Series B
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in LATAM, 1 in North America.
  13. 2023
    Bling Capital backed Forward at Series C+
    New regionFirst deal in DACH. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  14. 2023
    Bling Capital backed Wally at Seed
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  15. 2023
    Bonfire Ventures backed Octav at Seed
    New regionFirst deal in Nordics. Before: 45 first cheques, 38 in North America, 4 in Benelux & France.
  16. 2023
    Bonfire Ventures backed Kyc at Seed
    New regionFirst deal in UK & Ireland. Before: 45 first cheques, 38 in North America, 4 in Benelux & France.
  17. 2023
    Bpifrance backed Pale blue dot at Series C+
    New regionFirst deal in Nordics. Before: 367 first cheques, 330 in Benelux & France, 13 in North America.
  18. 2023
    Braemar Energy Ventures backed Laser Light Engines at Series C+
    New regionFirst deal in MEA. Before: 19 first cheques, 16 in North America, 1 in DACH.
  19. 2023
    Breakthrough Energy Ventures-Europe backed CubicPV at Series B
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Nordics.
    Source
  20. 2023
    Breakthrough Energy Ventures-Europe backed Rumin8 at Seed
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 2 in Nordics.
    Source
  21. 2023
    Builders VC backed Reef.ai at Seed
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in LATAM.
  22. 2023
    Canary backed Gigapay at Seed
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in LATAM, 2 in North America.
  23. 2023
    Castle Island Ventures backed dynamic labs, inc at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
  24. 2023
    Cervin Ventures backed FireCompass at Seed
    New regionFirst deal in APAC. Before: 33 first cheques, 29 in North America, 3 in MEA.
    Source
  25. 2023
    ClearSky Capital backed Ubiquicom at Series C+
    New regionFirst deal in LATAM. Before: 16 first cheques, 13 in North America, 1 in APAC.
  26. 2023
    Clear Ventures backed Virages at Series A
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
  27. 2023
    Congruent Ventures backed LeDap at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in DACH.
  28. 2023
    Correlation Ventures backed AI Foundation at Series B
    New regionFirst deal in MEA. Before: 36 first cheques, 32 in North America, 2 in APAC.
  29. 2023
    Cota Capital backed Traction at Seed
    New regionFirst deal in MEA. Before: 48 first cheques, 42 in North America, 3 in UK & Ireland.
  30. 2023
    Drive Capital backed Humly at Series A
    New regionFirst deal in Nordics. Before: 32 first cheques, 32 in North America.
  31. 2023
    Drive Capital backed Pass-ages at Seed
    New regionFirst deal in DACH. Before: 32 first cheques, 32 in North America.
  32. 2023
    Duro Ventures backed Wally at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 17 in North America, 2 in MEA.
  33. 2023
    Epic Ventures backed Cordata at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in APAC.
  34. 2023
    Fontinalis Capital Partners backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  35. 2023
    Gateway Ventures backed Epyon at Series A
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 24 in DACH, 2 in North America.
  36. 2023
    Georgian backed Darrow at Series B
    New regionFirst deal in MEA. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
    Source
  37. 2023
    Glasswing Ventures backed Viva Labs at Series A
    New regionFirst deal in Nordics. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  38. 2023
    Grotech Ventures backed Vibrant Solutions at Series A
    New regionFirst deal in APAC. Before: 50 first cheques, 43 in North America, 3 in Benelux & France.
  39. 2023
    IA Capital Group backed Revé at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 26 first cheques, 17 in Finance & Blockchain, 8 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 25 first cheques, 21 in North America, 2 in UK & Ireland.
  40. 2023
    IDG Ventures India backed We Innovate at Series A
    New regionFirst deal in LATAM. Before: 62 first cheques, 57 in APAC, 5 in North America.